Ankura Consulting is a forensic accounting and advisory firm. On Friday, it announced that it has released a unique generative artificial intelligence (AI) tool created in collaboration with Microsoft-supported firm OpenAI. It is the same company that created ChatGPT.
Ankura stated that NoraGPT is being used in its secure environment to guarantee data protection for employees and clients.
The platform’s forever and long-term memory abilities are human-like qualities that complement Ankura’s AI products. It will facilitate file management as well.
Ankura CEO Kevin Lavin told Reuters that it would affect every facet and functional area we had.
Lavin anticipates that artificial intelligence (AI) capabilities will be used in various domains, including fraud detection, security, and customer acquisition. He said, “There will be a lot more.”
Additionally, he predicted that AI would significantly affect revenue and result in initial internal cost reductions of about 25% across the board, including lowering the number of subcontractors and delaying new hires.
SAUDI Priorities
Ankura employs over 2,000 people and provides services to over 3,000 customers in 55 countries. In April last year, it merged with other advising companies to grow their business in the Middle East by establishing a turnaround and restructuring practice out of its Dubai office.
In response to a question concerning business operations in the Middle East, Lavin stated that while the company has historically served the area out of London and Dubai, its current location in Riyadh will be the center of what they do.
He added that The Saudi Arabian market is expanding rapidly, and there is a demand for our products. And, you know, we’d like to be involved in that.
Many businesses, like Nokia and large pharmaceutical organizations, have started using generative AI to increase productivity and reduce costs, although experts have raised possible ethical and legal issues.
